<PAGE>

                                                                     EXHIBIT 4.5

                            ADMINISTRATION AGREEMENT

                                      among

                   NISSAN AUTO RECEIVABLES 2004-B OWNER TRUST,
                                    as Issuer

                      NISSAN MOTOR ACCEPTANCE CORPORATION,
                                as Administrator

                     WELLS FARGO BANK, NATIONAL ASSOCIATION,
                              as Indenture Trustee

                                       and

                            WILMINGTON TRUST COMPANY,
                                as Owner Trustee

                            Dated as of June 24, 2004

                                        (Nissan 2004-B Administration Agreement)

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                 PAGE
                                                                                                 ----
<S>                                                                                              <C>
1.  DUTIES OF THE ADMINISTRATOR...............................................................     2
2.  RECORDS...................................................................................     8
3.  COMPENSATION..............................................................................     8
4.  ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER......................................     8
5.  INDEPENDENCE OF THE ADMINISTRATOR.........................................................     8
6.  NO JOINT VENTURE..........................................................................     8
7.  OTHER ACTIVITIES OF ADMINISTRATOR.........................................................     8
8.  TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR...............................     8
9.  ACTION UPON TERMINATION, RESIGNATION OR REMOVAL...........................................    10
10. NOTICES...................................................................................    10
11. AMENDMENTS................................................................................    11
12. SUCCESSOR AND ASSIGNS.....................................................................    11
13. GOVERNING LAW.............................................................................    12
14. NO PETITION...............................................................................    12
15. HEADINGS..................................................................................    12
16. COUNTERPARTS..............................................................................    12
17. SEVERABILITY OF PROVISIONS................................................................    12
18. NOT APPLICABLE TO NMAC IN OTHER CAPACITIES................................................    12
19. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE............................    12
</TABLE>

                                        (Nissan 2004-B Administration Agreement)

<PAGE>

      This ADMINISTRATION AGREEMENT, dated as of June 24, 2004 (this
"Agreement"), among NISSAN AUTO RECEIVABLES 2004-B OWNER TRUST, a Delaware
statutory trust (the "Issuer"), NISSAN MOTOR ACCEPTANCE CORPORATION, a
California corporation, as administrator (the "Administrator"), and Wells Fargo
BanK, NATIONAL ASSOCIATION, a national banking association, not in its
individual capacity but solely as Indenture Trustee (as defined below), and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, not in its individual
capacity but solely as Owner Trustee (as defined below).

                              W I T N E S S E T H:

      WHEREAS, beneficial ownership interests in the Issuer represented by the
Nissan Auto Receivables 2004-B Owner Trust Asset Backed Certificates (the
"Certificates") have been issued in connection with the formation of the Issuer
pursuant to the Amended and Restated Trust Agreement, dated as of June 24, 2004
(the "Trust Agreement"), between Nissan Auto Receivables Corporation II ("NARC
II"), a Delaware corporation, as depositor, and Wilmington Trust Company, as
owner trustee (the "Owner Trustee") to the owners thereof (the "Owners");

      WHEREAS, the Issuer is issuing the Nissan Auto Receivables 2004-B Owner
Trust 1.64000% Asset Backed Notes Class A-1, the Nissan Auto Receivables 2004-B
Owner Trust 2.50000% Asset Backed Notes Class A-2, the Nissan Auto Receivables
2004-B Owner Trust 3.35000% Asset Backed Notes Class A-3, and the Nissan Auto
Receivables 2004-B Owner Trust 4.00000% Asset Backed Notes Class A-4
(collectively, the "Notes") pursuant to the Indenture, dated as of June 24, 2004
(as amended and supplemented from time to time, the "Indenture"), between the
Issuer and Wells Fargo Bank, National Association, as indenture trustee (the
"Indenture Trustee"); capitalized terms used herein and not defined herein shall
have the meanings ascribed thereto in the Indenture, the Trust Agreement or the
Sale and Servicing Agreement, dated as of June 24, 2004, among the Issuer,
Nissan Motor Acceptance Corporation ("NMAC"), as servicer, and NARC II, as
seller (the "Sale and Servicing Agreement"), as the case may be;

      WHEREAS, the Issuer has entered into certain agreements in connection with
the issuance of the Certificates and the Notes, including the Purchase
Agreement, dated as of June 24, 2004 (the "Purchase Agreement"), between NMAC,
as seller, and NARC II, as purchaser, the Trust Agreement, the Indenture, this
Agreement, the Securities Account Control Agreement, the Yield Supplement
Agreement, the Note Depository Agreement and the Sale and Servicing Agreement
(collectively, the "Basic Documents");

      WHEREAS, pursuant to the Basic Documents, the Issuer is required to
perform certain duties in connection with the Certificates, the Notes and the
Collateral;

      WHEREAS, the Issuer desires to appoint NMAC as administrator to perform
certain of the duties of the Issuer under the Basic Documents and to provide
such additional services consistent with the terms of this Agreement and the
Basic Documents as the Issuer may from time to time request; and

                                        (Nissan 2004-B Administration Agreement)

<PAGE>

      WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer on the
terms set forth herein;

      NOW, THEREFORE, in consideration of the mutual covenants contained herein,
and other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties agree as follows:

      1.    DUTIES OF THE ADMINISTRATOR.

            (a)   Duties with respect to the Note Depository Agreement and the
      Indenture.

                  (i)   The Administrator agrees to perform all its duties as
            Administrator under the Basic Documents and the duties of the Issuer
            under the Note Depository Agreement and the Indenture. In addition,
            the Administrator shall consult with the Owner Trustee regarding the
            duties of the Issuer under the Indenture and the Note Depository
            Agreement. The Administrator shall monitor the performance of the
            Issuer and shall advise the Owner Trustee when action by the Issuer
            or the Owner Trustee is necessary to comply with the Issuer's duties
            under the Indenture and the Note Depository Agreement. The
            Administrator shall prepare for execution by the Issuer or shall
            cause the preparation by other appropriate persons of all such
            documents, reports, filings, instruments, certificates and opinions
            as it shall be the duty of the Issuer to prepare, file or deliver
            pursuant to the Indenture and the Note Depository Agreement. In
            furtherance of the foregoing, the Administrator shall take all
            appropriate action that is the duty of the Issuer to take pursuant
            to the Indenture including, without limitation, such of the
            foregoing as are required with respect to the following matters
            under the Indenture (references are to sections of the Indenture):

                        (A)   preparing or obtaining the documents and
                  instruments required for the proper authentication of Notes
                  and delivering the same to the Indenture Trustee (Section
                  2.02);

                        (B)   appointing the Note Registrar and giving the
                  Indenture Trustee notice of any appointment of a new Note
                  Registrar and the location, or change in location, of the Note
                  Register (Section 2.04);

                        (C)   preparing the notification to Noteholders of the
                  final principal payment on their Notes (Section 2.07(b));

                        (D)   preparing, obtaining and/or filing of all
                  instruments, opinions and certificates and other documents
                  required for the release of Collateral (Section 2.09);

                        (E)   maintaining an office in the Borough of Manhattan,
                  City of New York, for the registration of transfer or exchange
                  of Notes (Section 3.02);

                                        (Nissan 2004-B Administration Agreement)

                                       2

<PAGE>

                        (F)   causing newly appointed Paying Agents, if any, to
                  deliver to the Indenture Trustee the instrument specified in
                  the Indenture regarding funds held in trust (Section 3.03);

                        (G)   directing the Indenture Trustee to deposit moneys
                  with Paying Agents, if any, other than the Indenture Trustee
                  (Section 3.03);

                        (H)   obtaining and preserving or causing the Owner
                  Trustee to obtain and preserve the Issuer's qualification to
                  do business in each jurisdiction in which such qualification
                  is or shall be necessary to protect the validity and
                  enforceability of the Indenture, the Notes, the Collateral and
                  each other instrument and agreement included in the Trust
                  Estate (Section 3.04);

                        (I)   preparing all supplements, amendments, financing
                  statements, continuation statements, instruments of further
                  assurance and other instruments, in accordance with Section
                  3.05 of the Indenture, necessary to protect the Trust Estate
                  (Sections 3.05 and 3.07(c));

                        (J)   furnishing the required Opinions of Counsel on the
                  Closing Date and at such other times, in accordance with
                  Sections 3.06 and 8.06 of the Indenture, and delivering the
                  annual Officer's Certificates and certain other statements as
                  to compliance with the Indenture, in accordance with Section
                  3.09 of the Indenture (Sections 3.06, 3.09 and 8.06);

                        (K)   identifying to the Indenture Trustee in an
                  Officer's Certificate any Person with whom the Issuer has
                  contracted to perform its duties under the Indenture (Section
                  3.07);

                        (L)   notifying the Indenture Trustee and the Rating
                  Agencies of any Servicer Default pursuant to the Sale and
                  Servicing Agreement and, if such Servicer Default arises from
                  the failure of the Servicer to perform any of its duties under
                  the Sale and Servicing Agreement, taking all reasonable steps
                  available to remedy such failure (Section 3.07(d));

                        (M)   preparing and obtaining documents and instruments
                  required in connection with the consolidation, merger or
                  transfer of assets of the Issuer (Section 3.10);

                        (N)   delivering notice to the Indenture Trustee of each
                  Event of Default and each other default by the Servicer or the
                  Seller under the Sale and Servicing Agreement (Section 3.19);

                        (O)   monitoring the Issuer's obligations as to the
                  satisfaction and discharge of the Indenture and the
                  preparation of an Officer's Certificate and obtaining the
                  Opinion of Counsel and the Independent Certificate (as defined
                  in the Indenture) related thereto (Section 4.01);

                                        (Nissan 2004-B Administration Agreement)

                                       3

<PAGE>

                        (P)   preparing and mailing the notification of the
                  Indenture Trustee and Noteholders with respect to special
                  payment dates, if any (Section 5.04(d));

                        (Q)   preparing and, after execution by the Issuer and
                  the Indenture Trustee, filing with the Commission and any
                  applicable state agencies of documents required to be filed on
                  a periodic basis with the Commission and any applicable state
                  agencies (including any summaries thereof required by rules
                  and regulations prescribed thereby), and transmitting of such
                  summaries to the Noteholders (Section 7.03);

                        (R)   preparing any Issuer Request and Officer's
                  Certificates and obtaining any Opinions of Counsel and
                  Independent Certificates necessary for the release of the
                  Trust Estate (Section 8.04);

                        (S)   preparing Issuer Orders and obtaining Opinions of
                  Counsel with respect to the execution of any supplemental
                  indentures, and mailing notices to the Noteholders with
                  respect thereto (Sections 9.01, 9.02 and 9.03);

                        (T)   executing and delivering new Notes conforming to
                  the provisions of any supplemental indenture, as appropriate
                  (Section 9.06);

                        (U)   preparing all Officer's Certificates, Opinions of
                  Counsel and Independent Certificates with respect to any
                  requests by the Issuer to the Indenture Trustee to take any
                  action under the Indenture (Section 11.01(a));

                        (V)   preparing and delivering Officer's Certificates
                  and obtaining Independent Certificates, if necessary, for the
                  release of property or securities from the lien of the
                  Indenture (Section 11.01(c));

                        (W)   notifying the Rating Agencies, upon any failure of
                  the Indenture Trustee to give such notification, of the
                  information required pursuant to Section 11.04 of the
                  Indenture (Section 11.04);

                        (X)   preparing and delivering to the Noteholders and
                  the Indenture Trustee any agreements with respect to alternate
                  payment and notice provisions (Section 11.06); and

                        (Y)   recording the Indenture, if applicable (Section
                  11.14).

                  (ii)  The Administrator shall also:

                        (A)   pay the Indenture Trustee from time to time the
                  reasonable compensation provided for in the Indenture with
                  respect to services rendered by the Indenture Trustee under
                  the Indenture (which

                                        (Nissan 2004-B Administration Agreement)

                                       4

<PAGE>

                  compensation shall not be limited by any provision of law in
                  regard to the compensation of a trustee of an express trust);

                        (B)   reimburse the Indenture Trustee upon its request
                  for all reasonable expenses, disbursements and advances
                  incurred or made by the Indenture Trustee in accordance with
                  any provision of the Indenture (including the reasonable
                  compensation, expenses and disbursements of its agents and
                  counsel) to the extent the Indenture Trustee is entitled to
                  such reimbursement by the Issuer under the Indenture;

                        (C)   indemnify the Indenture Trustee for, and hold it
                  harmless against, any losses, liability or expense incurred
                  without negligence or bad faith on the part of the Indenture
                  Trustee, arising out of or in connection with the acceptance
                  or administration of the trusts and duties contemplated by the
                  Indenture, including the reasonable costs and expenses of
                  defending themselves against any claim or liability in
                  connection therewith to the extent the Indenture Trustee is
                  entitled to such indemnification from the Issuer under the
                  Indenture;

                        (D)   pay the reasonable expense of any examination or
                  investigation by the Owner Trustee undertaken pursuant to
                  Section 7.01(e) of the Trust Agreement, and if such expense is
                  paid by the Owner Trustee, then such expense shall be
                  reimbursed by the Administrator upon demand.

            (b)   Additional Duties.

                  (i)   In addition to the duties of the Administrator set forth
            above, the Administrator shall perform such calculations, and shall
            prepare for execution by the Issuer or the Owner Trustee or shall
            cause the preparation by other appropriate persons of all such
            documents, reports, filings, instruments, certificates and opinions
            as it shall be the duty of the Issuer or the Owner Trustee to
            prepare, file or deliver pursuant to the Basic Documents, and at the
            request of the Owner Trustee shall take all appropriate action that
            it is the duty of the Issuer or the Owner Trustee to take pursuant
            to the Basic Documents. Subject to Section 5 of this Agreement, and
            in accordance with the reasonable written directions of the Owner
            Trustee, the Administrator shall administer, perform or supervise
            the performance of such other activities in connection with the
            Collateral (including the Basic Documents) as are not covered by any
            of the foregoing provisions and as are expressly requested by the
            Owner Trustee and are reasonably within the capability of the
            Administrator.

                  (ii)  Notwithstanding anything in this Agreement or the Basic
            Documents to the contrary, the Administrator shall be responsible
            for promptly notifying the Owner Trustee in the event that any
            withholding tax is imposed on the Issuer's payments (or allocations
            of income) to a Certificateholder as contemplated in Section 5.02(c)
            of the Trust Agreement. Any such notice shall

                                        (Nissan 2004-B Administration Agreement)

                                       5

<PAGE>

            specify the amount of any withholding tax required to be withheld by
            the Owner Trustee pursuant to such provision.

                  (iii) Notwithstanding anything in this Agreement or the Basic
            Documents to the contrary, the Administrator shall be responsible
            for performance of the duties of the Administrator set forth in
            Section 5.04(a), (b), (c), (d), (e) and (f) of the Trust Agreement
            with respect to, among other things, accounting and reports to the
            Certificateholders; provided, however, that the Owner Trustee shall
            remain exclusively responsible for the mailing of the Schedule K-1s
            necessary to enable each Certificateholder to prepare its federal
            and state income tax returns.

                  (iv)  The Administrator shall satisfy its obligations with
            respect to clauses (ii) and (iii) above and under the Trust
            Agreement by retaining, at the expense of the Administrator, a firm
            of independent public accountants (the "Accountants") which shall
            perform the obligations of the Administrator thereunder; provided,
            however, that the Certificateholder is not the Administrator or any
            of its Affiliates.

                  In connection with paragraph (ii) above, the Accountants will
            provide, prior to December 1 of each year, a letter in form and
            substance satisfactory to the Owner Trustee as to whether any tax
            withholding is then required and, if required, the procedures to be
            followed with respect thereto to comply with the requirements of the
            Code; provided, however, that the Certificateholder is not the
            Administrator or any of its Affiliates. The Accountants shall be
            required to update the letter in each instance that any additional
            tax withholding is subsequently required or any previously required
            tax withholding shall no longer be required.

                  (v)   The Administrator shall perform the duties of the
            Administrator specified in Section 10.02 of the Trust Agreement
            required to be performed in connection with the resignation or
            removal of the Owner Trustee, and any other duties expressly
            required to be performed by the Administrator under the Trust
            Agreement.

                  (vi)  The Administrator shall advise the Owner Trustee in all
            regards with respect to its duties pursuant to any Swap Agreement
            into which the Trust enters pursuant to Section 5.02(d) of the Trust
            Agreement, including the recommendation of and retention, at its
            expense, of any such agents or advisors that are deemed by the Owner
            Trustee to be reasonably necessary to undertake its duties pursuant
            to any such Swap Agreement. Pursuant to Section 5.02(d) of the Trust
            Agreement, if the Certificateholders notify the Administrator with
            respect to the Trust's election to enter into such a Swap Agreement,
            the Administrator will prepare all necessary and appropriate
            documentation and take all of the necessary and appropriate actions
            to cause the Issuer to enter into such a Swap Agreement on behalf of
            the Trust.

                                        (Nissan 2004-B Administration Agreement)

                                       6

<PAGE>

                  (vii) In carrying out the foregoing duties or any of its other
            obligations under this Agreement, the Administrator may enter into
            transactions with or otherwise deal with any of its Affiliates;
            provided, however, that the terms of any such transactions or
            dealings shall be in accordance with any directions received from
            the Issuer and shall be, in the Administrator's opinion, no less
            favorable to the Issuer than would be available from unaffiliated
            parties.

            (c)   Non-Ministerial Matters.

                  (i)   With respect to matters that in the reasonable judgment
            of the Administrator are non-ministerial, the Administrator shall
            not take any action unless within a reasonable time before the
            taking of such action (x) the Administrator shall have notified the
            Owner Trustee of the proposed action and the Owner Trustee shall
            have consented thereto or provided an alternative direction, and (y)
            all approvals required under the Basic Documents shall have been
            obtained. For the purpose of the preceding sentence,
            "non-ministerial matters" shall include, without limitation:

                        (A)   the amendment of the Indenture or execution of any
                  supplement to the Indenture;

                        (B)   the initiation of any claim or lawsuit by the
                  Issuer and the compromise of any action, claim or lawsuit
                  brought by or against the Issuer (other than in connection
                  with the collection of the Receivables);

                        (C)   the amendment, change or modification of any of
                  the Basic Documents;

                        (D)   the appointment of successor Note Registrars or
                  successor Paying Agents pursuant to the Indenture or the
                  appointment of successor Administrators, or the consent to the
                  assignment by the Note Registrar, Paying Agent or Indenture
                  Trustee of its obligations, in each case under the Indenture;
                  and

                        (E)   the removal of the Indenture Trustee.

                  (ii)  Notwithstanding anything to the contrary in this
            Agreement, the Administrator shall not be obligated to, and shall
            not (x) make any payments to the Noteholders under the Basic
            Documents, (y) sell the Trust Estate pursuant to Section 5.04 of the
            Indenture or (z) take any other action that the Issuer directs the
            Administrator not to take on its behalf.

            (d)   Swap Agreement. As set forth in Section 5.11 of the Sale and
            Servicing Agreement, the Issuer may enter into a currency Swap
            Agreement with a Swap Counterparty to swap amounts payable to
            Certificateholders from U.S. dollars to Japanese yen, according to
            the terms set forth in Section 5.11 of the Sale and Servicing
            Agreement and Section 5.02(d) of the Trust Agreement.

                                        (Nissan 2004-B Administration Agreement)

                                       7

<PAGE>

      2.    RECORDS. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer, the Owner
Trustee and the Indenture Trustee at any time during normal business hours upon
reasonable advance written notice.

      3.    COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to a fee of
$200.00 per month which shall be solely an obligation of the Servicer.

      4.    ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

      5.    INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer, the Owner Trustee or the Indenture
Trustee with respect to the manner in which it accomplishes the performance of
its obligations hereunder. Unless expressly authorized by the Issuer hereunder
or otherwise, the Administrator shall have no authority to act for or represent
the Issuer, the Owner Trustee or the Indenture Trustee, and shall not otherwise
be or be deemed an agent of the Issuer, the Owner Trustee or the Indenture
Trustee.

      6.    NO JOINT VENTURE. Nothing contained in this Agreement shall (i)
constitute the Administrator and any of the Issuer, the Owner Trustee or the
Indenture Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) be construed
to impose any liability as such on any of them or (iii) be deemed to confer on
any of them any express, implied or apparent authority to incur any obligation
or liability on behalf of the others.

      7.    OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its or
their sole discretion, from acting as an administrator for any other person or
entity, or in a similar capacity therefor, even though such person or entity may
engage in business activities similar to those of the Issuer, the Owner Trustee
or the Indenture Trustee.

      8.    TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR.

            (a)   This Agreement shall continue in force until the termination
      of the Issuer, upon which event this Agreement shall automatically
      terminate.

            (b)   Subject to Sections 8(e) and 8(f), the Administrator may
      resign by providing the Issuer with at least 30 days' prior written
      notice.

            (c)   Subject to Sections 8(e) and 8(f), the Issuer may remove the
      Administrator without cause by providing the Administrator at least 30
      days' prior written notice.

                                        (Nissan 2004-B Administration Agreement)

                                       8

<PAGE>

            (d)   Subject to Sections 8(e) and 8(f), at the sole option of the
      Issuer, the Administrator may be removed immediately upon written notice
      of termination from the Issuer to the Administrator if any of the
      following events shall occur:

                  (i)   the Administrator shall fail to perform in any material
            respect any of its duties under this Agreement and, after notice of
            such default, shall not cure such default within 10 days (or, if
            such default cannot be cured in such time, shall not give within
            such 10 days such assurance of timely and complete cure as shall be
            reasonably satisfactory to the Issuer);

                  (ii)  the entry of a decree or order by a court or agency or
            supervisory authority having jurisdiction in the premises for the
            appointment of a trustee in bankruptcy, conservator, receiver or
            liquidator for the Administrator in any bankruptcy, insolvency,
            readjustment of debt, marshalling of assets and liabilities or
            similar proceedings, or for the winding up or liquidation of their
            respective affairs, and the continuance of any such decree or order
            unstayed and in effect for a period of 90 consecutive days; or

                  (iii) the consent by the Administrator to the appointment of a
            trustee in bankruptcy, conservator or receiver or liquidator in any
            bankruptcy, insolvency, readjustment of debt, marshalling of assets
            and liabilities or similar proceedings of or relating to the
            Administrator of or relating to substantially all of their property,
            or the Administrator shall admit in writing its inability to pay its
            debts generally as they become due, file a petition to take
            advantage of any applicable insolvency or reorganization statute,
            make an assignment for the benefit of its creditors, or voluntarily
            suspend payment of its obligations.

                  The Administrator agrees that if any of the events specified
      in clauses (ii) or (iii) of this Section shall occur, it shall give
      written notice thereof to the Issuer, the Owner Trustee and the Indenture
      Trustee within seven days after the occurrence of such event.

            (e)   No resignation or removal of the Administrator pursuant to
      this Section shall be effective until (i) a successor Administrator shall
      have been appointed by the Issuer and (ii) such successor Administrator
      shall have agreed in writing to be bound by the terms of this Agreement on
      substantially the same terms as the Administrator is bound hereunder.

            (f)   The appointment of any successor Administrator shall be
      effective only after each Rating Agency (other than Moody's) has provided
      to the Owner Trustee and the Indenture Trustee notice that the proposed
      appointment will not result in the reduction or withdrawal of any rating,
      if any, then assigned by such Rating Agency to any Class of Notes or the
      Certificates. Promptly after the appointment of any successor
      Administrator, the Owner Trustee will provide notice of such appointment
      to Moody's (so long as Moody's is then rating any outstanding Notes).

                                        (Nissan 2004-B Administration Agreement)

                                       9

<PAGE>

            (g)   Subject to Section 8(e) and 8(f), the Administrator
      acknowledges that upon the appointment of a Successor Servicer pursuant to
      the Sale and Servicing Agreement, the Administrator shall immediately
      resign and such Successor Servicer shall automatically succeed to the
      rights, duties and obligations of the Administrator under this Agreement.

      9.    ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b) or 8(c) or
8(d), the Administrator shall be entitled to be paid all fees and reimbursable
expenses accruing to it to the date of such termination, resignation or removal.
The Administrator shall forthwith upon such termination pursuant to Section 8(a)
deliver to or to the order of the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator pursuant to Section
8(b) or 8(c) or 8(d), the Administrator shall cooperate with the Issuer and take
all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Administrator.

      10.   NOTICES. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

            (a)   if to the Issuer or the Owner Trustee, to:

                  Nissan Auto Receivables 2004-B Owner Trust
                  In care of: Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890
                  Attention: Nissan Auto Receivables 2004-B Owner Trust

                  with a copy to:

                  Nissan Auto Receivables 2004-B Owner Trust
                  In care of: Nissan Motor Acceptance Corporation
                  990 West 190th Street
                  Torrance, California 90502
                  Attention: Treasurer

            (b)   if to the Administrator, to:

                  Nissan Motor Acceptance Corporation
                  990 West 190th Street
                  Torrance, California 90502
                  Attention: Treasurer

                                        (Nissan 2004-B Administration Agreement)

                                       10

<PAGE>

            (c)   if to the Indenture Trustee, to:

                           Wells Fargo Bank, National Association
                           Wells Fargo Center
                           Sixth and Marquette Avenue,
                           MAC N9311-161
                           Minneapolis, MN 55479
                           Attn: Asset Backed Securities Department

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand delivered
to the address of such party as provided above.

      11.   AMENDMENTS. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator,
and the Indenture Trustee, with the consent of the Owner Trustee but without the
consent of any Noteholders or the Certificateholders, for the purpose of adding
any provisions to or modifying or changing in any manner or eliminating any of
the provisions of this Agreement, provided that such amendment does not and will
not, in the Opinion of Counsel satisfactory to the Indenture Trustee, materially
and adversely affect the interest of any Noteholder or Certificateholder. This
Agreement may also be amended from time to time by the Issuer, the
Administrator, and the Indenture Trustee with the consent of the Owner Trustee
and (i) the holders of Notes evidencing a majority of the Outstanding Amount of
the Notes, voting as a single class; or (ii) in the case of any amendment that
does not adversely affect the Indenture Trustee or the Noteholders (as evidenced
by an Officer's Certificate of the Servicer and an outside Opinion of Counsel
indicating that such amendment will not adversely affect the Indenture Trustee
or the Noteholders), the holders of the Certificates evidencing a majority of
the outstanding Certificate Balance of the Certificates (but excluding for
purposes of calculation and action all Certificates held by the Seller, the
Servicer or any of their Affiliates unless at such time all Certificates are
then owned by the Seller, the Servicer and their Affiliates), for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of those
Noteholders or Certificateholders which are not covered by the immediately
preceding sentence.

      12.   SUCCESSOR AND ASSIGNS. This Agreement may not be assigned by the
Administrator unless such assignment is consented to in writing by the Issuer,
the Owner Trustee and the Indenture Trustee, and the conditions precedent to
appointment of a successor Administrator set forth in Section 8 are satisfied.
An assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrator is
bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned
by the Administrator without the consent of the Issuer, the Owner Trustee and
the Indenture Trustee to a corporation or other organization that is a successor
(by merger, consolidation or purchase of assets) to the Administrator, provided
that such successor organization executes and delivers to the Issuer, the Owner
Trustee and the Indenture Trustee an agreement in which such corporation or
other organization agrees to be bound hereunder by the

                                        (Nissan 2004-B Administration Agreement)

                                       11

<PAGE>

terms of said assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors or
assigns of the parties hereto.

      13.   GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions (other than Section 5-1401 of the General Obligations
Law of the State of New York), and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

      14.   NO PETITION. The Administrator, by entering into this Administration
Agreement, hereby covenants and agrees that it will not at any time institute
against the Issuer, or join in any institution against the Issuer of any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law, in connection with any obligations relating to the Notes, the
Certificates or any of the Basic Documents.

      15.   HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

      16.   COUNTERPARTS. This Agreement may be executed in counterparts, each
of which when so executed shall together constitute but one and the same
agreement.

      17.   SEVERABILITY OF PROVISIONS. If any one or more of the agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held
invalid or unenforceable in any jurisdiction, then such agreements, provisions
or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the other rights of
the parties hereto.

      18.   NOT APPLICABLE TO NMAC IN OTHER CAPACITIES. Nothing in this
Agreement shall affect any obligation, right or benefit NMAC may have in any
other capacity or under any Basic Document.

      19.   LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE.
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Wilmington Trust Company, not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer, and Wells Fargo Bank,
National Association, not in its individual capacity but solely in its capacity
as Indenture Trustee under the Indenture and in no event shall Wilmington Trust
Company in its individual capacity, Wells Fargo Bank, National Association, in
its individual capacity, or any Certificateholder have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer.

                                        (Nissan 2004-B Administration Agreement)

                                       12

<PAGE>

            IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed and delivered as of the day and year first above written.

                  NISSAN AUTO RECEIVABLES 2004-B OWNER TRUST

                  By: WILMINGTON TRUST COMPANY,
                      not in its individual capacity but solely as
                      Owner Trustee

                      By: /s/ Kathleen A. Pedelini
                          ------------------------
                          Name:  Kathleen A. Pedilini
                          Title: Financial Services Officer

                  WELLS FARGO BANK, NATIONAL ASSOCIATION,
                  not in its individual capacity but solely as Indenture Trustee

                  By: /s/ Marianna C. Stershic
                      ------------------------
                      Name:  Marianna C. Stershic
                      Title: Vice President

                  NISSAN MOTOR ACCEPTANCE
                  CORPORATION,
                  as Administrator

                  By: /s/ Steven R. Lambert
                      ---------------------
                      Name:  Steven R. Lambert
                      Title: President

                  WILMINGTON TRUST COMPANY, not in its
                  individual capacity but solely as Owner Trustee

                  By: /s/ Kathleen A. Pedelini
                      ------------------------
                      Name:  Kathleen A. Pedilini
                      Title: Financial Services Officer

                                        (Nissan 2004-B Administration Agreement)

                                      S-1